Land tax win for farmers

0
342
Changes to the land tax exemption will be of particular benefit to poultry growers, according to Finance Minister Ben Wyatt.

LAND tax exemption will soon cater for primary producers who rear farm animals owned by secondary producers.

This week the McGowan Government’s said amendments would apply for the 2018-19 assessment year, with later amendments to enable retrospective application.

Finance Minister Ben Wyatt said the existing exemption required the person carrying on the business on the land to be the owner of the animals.

But Mr Wyatt said it was increasingly common practice in certain industries for secondary producers to contract farm the rearing of their animals.

The exemption extension means primary producers will be eligible for the exemption if they rear another person’s animals for the purpose of processing them or their produce for sale.

He said the government would introduce legislation later this year which would enable the exemption to be applied retrospectively.

“This will allow for the necessary adjustments to be made to past assessments,’’ he said.

“This future legislation will also contain reforms to the Duties Act family farm exemption to allow the progressive transition of a farm to a family member without significant transfer duty costs.

“The changes to the land tax exemption will be of particular benefit to poultry growers, amongst others, and will highlight the government’s commitment to supporting the state’s farmers.”

Regional Development and Agriculture and Food Minister Alannah MacTiernan said farmers had been asking for the exemption to be extended to recognise modern farming business structures.

“I am very pleased that Minister Wyatt has been so receptive to the representations we have made to him,’’ she said.